Double-Digit Increase in the Salary of Corporate India in 2013: Aon Hewitt
The survey released by Aon Hewitt on 20 February 2013 depicted that there would be a 10.3 percent increase in the salary of Corporate India in 2013.
The survey released by Aon Hewitt, the HR consulting firm, on 20 February 2013 depicted that there would be a double-digit increase in the salary of Corporate India in 2013. However, the economic meltdown might have adverse effect on these calculations. The survey depicted that increments on an average basis in India would be 10.3 percent in comparison to 10.7 percent in 2012.
• The sector which is expected to have the highest increment is pharmaceutical sector that would witness a hike at 13.5 percent.
• Certain other sectors will also witness a hike and these are medical devices (12.6 percent), consumer business (11.8 percent) and life sciences (13.1 percent).
• The FMCG sector, on the other hand would witness an increase in salary of 12.3 percent on the grounds of expectation of increased consumer demand due to foreign multi-brand retailers entering market after government enabled FDI.
Hike projections on a global level
The salary projections for 2013 are seen healthy because in 2009, the projections were 6.6 percent. Even though India will receive a hike of 10.3 percent, but Hewitt announced that increment in India would rank among the top-5 on the global level. The top five increment receivers will be Venezuela (25.6 percent), Argentina (24.2 percent), Vietnam (12.6 percent), Tanzania (10.6 percent) and India (10.3 percent).
Increment will be on the low side in US (2.7 percent) and UK (3 percent). Even China which is said to be the economy which grows faster, will witness a low hike of 9.3 percent.
For conducting the survey, Hewitt studied a total of 518 organisations across 20 industries as well as 30 sub classifications.